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Make a deal with your son. You spring for a rebarreling job and a semi inletted stock unfinished stock if he will study up on the processes of bluing (or whatever finish he likes best) and stock finishing and then let him complete the rifle. This will take awhile so you can put off getting a scope till the rest is finished.
I'd stick with the .270 chambering, unless you already have a .270 in the family and want something of larger or smaller bore. Let the son decide on caliber, unless you run on a great deal on a take off barrel or something on sale.
The better the barrel you chose the better the finished rifle will be.
If your son is really interested in shooting you might want to look into getting and action wrench and making a barrel vice, then you can oversee his cranking on the barrel. Finish reaming may be necessary.
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